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You Know It's Bad When...
President Obama is saying the economy is better, Bernanke is warning that real people don't believe that; and while earning $250,000 per speaking engagement, Ye 'Olde' Fed head was unable to refinance his mortgage...
The world has gone insane...
- *OBAMA SAYS ECONOMIC PROGRESS HAS BEEN `STEADY'; `IT IS REAL'
Except it's not...
and a majority don't believe him:
Which - secondly - none other than Ben Bernanke is also worried about... Former Federal Reserve Chairman Ben S. Bernanke said Americans' perceptions of the economy are "not that encouraging," even amid signs of improvement.
The "severity of this recession has been quite a shock. If you look at the polls about 'Is America on the right track and those sorts of things?', they’re generally not that encouraging" - quite a shock indeed!!??
"There may be some lag between the actual improvement and people's perception" - 5 years!!??
"I do hope that we're now moving back towards a period of greater normalcy and one that will transit into something that is sustainable over the medium and longer term" - hope is not a strategy!!??
And then - thirdly - even he cannot refinance his mortgage... (via Bloomberg)
Ben S. Bernanke said the mortgage market is still so tight that he’s having a hard time refinancing his own home loan.
The former Federal Reserve chairman, speaking at a conference in Chicago, told moderator Mark Zandi of Moody’s Analytics Inc. -- “just between the two of us” -- that “I recently tried to refinance my mortgage and I was unsuccessful in doing so.”
When the audience laughed, Bernanke said, “I’m not making that up.”
“I think it’s entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions,” he said.
* * *
So that's that... nothing to see here, move along. Of course, Shinzo Abe will be alonmg shortly to really mess with our minds.
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That motherfucker could pay off his mortgage in cash. BULLSHIT.
"Ben S. Bernanke said the mortgage market is still so tight that he’s having a hard time refinancing his own home loan."
..and "gold is not money"
Ben: If you don't have the cash to pay for your house in your back pocket, you cannot afford it.
Stupid is, as stupid does...
It's not the mortgage industry, it's those two a-holes named Dodd and Frank. We have them to thank for the harassment any self-employed individual receives when attempting to apply for a home loan.
Bernanke, you fucking cocksucker, you should know that thanks to the evil way that lenders amortize mortgages, often times a lower interest rate is not enough of a reason to refinance. What matters just as much, or even more, is how much of the principal is remaining, and how much of the payment is going to the principal. After about 10 years on a standard 30 year mortgage, it often makes more sense to stick it out, even at a higher interest rate.
From http://www.investopedia.com/articles/pf/05/022405.asp
A mortgage's amortization schedule provides a detailed look at precisely what portion of each mortgage payment is dedicated to each component of PITI. As noted earlier, in the first years mortgage payments consist primarily of interest payments, as it gradually moves toward the principal becoming greater.
In our example of a $100,000, 30-year mortgage, the amortization schedule consists of 360 payments. The partial amortization schedule shown below demonstrates how the balance between principal and interest payments reverses over time as later payments consist primarily of principal.
Payment Principal Interest Principal Balance
1 $99.55 $500.00 $99,900.45
12 $105.16 $494.39 $98,772.00
180 $243.09 $356.46 $71,048.96
360 $597.00 $2.99 $0
As the chart shows, each of the required payments is $599.55, but the amount dedicated toward principal and interest varies from payment to payment. Because of the inverse relationship between principal and interest paid, at the start of your mortgage the rate at which you gain equity in your home is much slower. This demonstrates the value of making extra principal payments if the mortgage permits pre-payment. Each extra payment results in a larger repaid portion of the principal, and reduces the interest due on each future payment, moving the homeowner toward the ultimate goal: paying off the mortgage.
Ultimate goal of homeowner is avoid late night knock on door by secret police.
Paid off in 7. And I refuse to ever have one again. If I had it to do over, I would have waited until I had the cash.
One debt slave less. Not good for TPTB.
“I’m not making that up.”
Liar. He's making it up and laughs at all the morons who believe him.
The dude sold us all out to make $200k per hour... he can refinance.
He's trying to play the "I can feel your pain" Bill Clinton card.
Man, they play us like we are babies who aren't smart enough to cry when our candy is taken from us.
I don't think the Bernank has ever told the truth about anything.
He is a pathological liar.
Same here. Never again.
Epic reply. that’s exactly what mere mortals like ourselves figure out pretty darn quick when looking "where did all the money go" and asking "ok how do i fix this?"
But it seems if you’re an Ivy league academic whose job it was for many years to play with trillions of counterfeited money, it’s funny how one looses all common sense, and is unable to navigate consumer economics.
It simple if you are recently self employed you may need 30% down or more, and/or you may need private lending.
Next how much ego do you have to have to need a mortgage when you get paid $250k per speaking engagement?
We ask a similar question whenever we see a Ferrari. How much money do you have to have, plus how positive an outlook does one need to buy a $200k auto?
If you gave our family $3 million we would not buy a Ferrari. Out future outlook is not that rosy. $10 million, ok maybe, but likely to settle for a Porsche.
With all Bernanke knows about the real state of affairs, How much of a house did he buy that $250k per dinner would not pay cash in short order?
What is his future outlook?
Does he know something we don’t or is he blind, or stupid?
Let me clue you in on something about the wealthy. The smart ones don't flash the bling. The Ferrari stays in the garage most days, if they own one at all. It's an investment as well as a car. The nice clothes only come out at special events. Maybe they wear a Rolex, but in all likelyhood, a lesser known name (at least to your average street thug). Their house is likely one you can't see from the road, but it's nice and it sits on some land. The idea being PRIVACY.
shhh.... your giving away our secrets.....
if you're smart, you don't make money to buy things, you make money to buy your freedom... from the things other people have to do because they have too little money to say 'no'
the montblancs, cartiers, and armani linens are bought reluctantly to placate that small community that is socially unavoidable.
This all ties in with a comment I made not long ago:
If TPTB like you then they let you borrow money.
If TPTB don't like you then they make you pay it back.
Maybe they ain't so sure whether or not they like Ben any more.
Or else booboo's comment below, 5282166 - Gotta try and blend in with the crowd.
Man, a $599 a month mortgage payment would be nice.
Unfortunately, the only houses going for that are at the end of the airport runway and filled with street gangs.
>>Each extra payment results in a larger repaid portion of the principal, and reduces the interest due on each future payment, moving the homeowner toward the ultimate goal: paying off the mortgage.<<
1 $99.55 $500.00
2 $101.55 $498.00
3 $103.55 $496.00
4 $105.55 $494.00
....made up numbers... use your own amortization schedule as priovided by the bank that has your mortgage (better yet credit union!)
The easiest way to track your principle payments is to follow this procedure:
1. Pay the full portion of the month due (principle plus interest). In this case, that is payment #1 for $599.55.
2. Before the due date for the 1st payment, decide how much money you have set aside to prepare your mortgage and then pay off in incredments of money principle payments. For example. let's say I had $200 available to prepare. DO NOT prepay $200 as you now have lost the ability to track your payments and you are now at the mercy of THE BIG BANK to do the accounting for you. Instread, pay off $205.10 (2nd payment + 3rd payment principle - $101.55 + $103.55 = $205.10).
3. Scratch off the second and 3rd payment as they are pecisely paid in full. Your next payment of $599.55 will pay off your 4th payment.
Following this method you pay of the principle in monthly payment increments and, when you are done, you are done and you KNOW you are done!
I used this precise method to pay off my 30 year mortgage in about 10 years. Not bragging - the condo was bought for $55k so it wasn't much. An interesting aside is that we bought it (I paid for it, we bought it... yeah!) from Gus Williams, the point guard for the world champion Seattle Supersonics. Poor guy was allegedly in bankruptcy and this was back in 1992.
Also of note is that when the banks create money based on your mortgage loan, they actually have to pay it back - which means they are supposed to extinguish the debt. Note also that they get to keep the interest as income. Look at an amortization schedule... almost the entire amount of the up front payment is kept by the bank as income and onlya small amount is "paid back" in extinguished money. Of course, the Banksters don't borrow the money from "thin air" with interest... they get it interest free.
Yeah.
The deeper you dig, the more bones you find.
Two words - excel spreadsheet. Worked for us when I compared where our balance should be vs where the bank had it after additional principal payments made.
So Ben, you would like to refi your Death Pledge? Assume the position....
Ben having trouble with the re-fi?
Yellen, on the other hand, is free to borrow as much as she likes ...
he he he he he ...
Barry is false brag of improve USSA economy. This is exemplary practice of strategy of lower expectation. Boris is employ same for pleasurement of wife in bedroom.
nah, Gold, it's just "a tradition" remember ;)
Why should he?? He can probably get under 4%, ~25 percent of that goes away with the mortgage deduction on the income tax, invest the stuff in AMT free munis in something like NEA and get 6% or so. That is a 3% tax free spread. Not shabby.
Must keep up the illusion that they are just one of us shleps.
boo-whoo..
fuck you ben shalom
"Progress"... ...better arm some real psychos in the middle east...
Look folks, it's real simple, all those government and MIC pensions are simply not going to pay themselves...
This is Bernanke doing PROPAGANDA.
Same as Greenspan, Benny and Yellen have to continue the propaganda. It's part of the job even after term is over.
They are Banksters for life. You don't leave the Bank Mafia without a nail gun or a hot tub.
Sorry to repeat myself again:
When they like you, they let you borrow money.
When they don't like you, they make you pay it back.
Or just plain old-fashioned lying.
Best to keep flapping your lips to avoid plane, hot tub and nail gun incidents.
Besides, if he told the truth, the Bank Mafia may not have time to get to him first.
ben bernanke. what a maroon -- bugs bunny
He made an awful lot of money
Made as in printed?
Just watch Interplanet Janet switch on the warp drive and rev it up to light speed.
What's Ben's address, its not showing up on Zillow....
barry is such a cartoon
so how do you know barry is lying?
his lips move.
Obama complains he doesn't have enough information to stop ISIS.
Yet Obama proceeds to miss over 60% of the intelligence briefings he is obligated to go to.
Less than half the population has a job, but somehow the "economy is better".
You can't even make this shit up.
The list goes on...
Whitehouse security breached as crazy guy hops fence, proceeds to run around white house with a knife or something (so we are told).
Next day, everyone in charge is resigning before the shit hits the fan, and they updated security by "locking the front door", because apparently, one of the most secure buildings in the country, does not have locked doors and does not have anyone watching said door. . . (not that I care much, they could leave the front gate/door/backdoor open all they want for all I care I wont lose sleep over it lol)
I dont even want to get into it, the hypocrisy and idiocy is off the charts with the way things run nowadays.
Seriously now, its pretty clear though that Obama just wants to hurt America soo bad that we can never get back up from the damage hes done/doing.... because any other selfish president would of just used the position to get rich and resigned.... obviously Obama is in it for perks/money/fun , god knows how many tax dollars hes stolen already on the side. . . . but its not enough for him to enrich himself and his friends from the position of president, he wants to actually watch the country burn at this point, OR someone paying him a fuckton of money is paying him to burn it down.
What can any Obama supporter actually say to defend this president? who would honestly get up there and say "positive" things about Obama and actually take rebuttals from a non-filtered crowd? no one.
Everyone who "supports" Obama is either fake, a troll, or a paid talking head / propaganda agent put there to atleast try and keep the image of the office of the presidency somewhat "respectable" like its some kind of fancy chair that we have to worship even if the person sitting in it is a complete and open sell out.
And this isn't anything against Obama personally, its just the things he does that really bothers me, like the presidency is supposed to be a position for a confident, qualified person, not some three ring circus ring leader who doesn't even give two shits if him and his friends are openly known to be committing crimes.
At this point I would settle for president comacho HONESTLY! atleast it would be more entertaining, we could turn the white house into a reality TV show! We could have Big Sister run the cameras, she will make an awesome director.
Well call the show Presidential Retreat, it will just be hours of Obama putting a golf ball into a coffee mug and Michelle weighing herself on the scale blaming her own weight issues on America and Soda Machines.
C'mon, Bernanke can't refinance his mortgage?
Wait, at $250,000 per speaking engagement, why the flip does he have a mortgage?
"why the flip does he have a mortgage?"
He invested in companies that sell helichopters. But high fuel costs grounded the helichopter fleet.
Just a guess:
'cos housing prices always go up.
'cos interest rates are low.
'cos the increase in capital gains more than offsets the increase in debt (he he he he he he ).
'cos the banks let him borrow money.
'cos TPTB wanted him to prove that he believed all that stuff that was coming out of his mouth.
'cos when you're in that position, 3x1s and 4x2s are no longer good enough - You can always sell and trade down when you retire.
'cos when you're a "rigger", you really know when to buy and when to sell.
'cos when you spend a few years moving markets with what you say, you tend to get a little cocky.
'cos no-one told him that after he quits his day job he's on his own.
'cos the comment I made above - 5282671.
'cos the comment booboo made above - 5282166.
Back in the days when I was a minimum wage factory slave I had a boss who kept insisting that I made more money than he did. Used to stun me into silence - I never knew whether to laugh at him or get angry or lay on the sarcasm -
"Sure I make more money than you - but it all ends up in your pocket."
"Well why don't you put yourself on as an apprentice? In four years you'll be a tradie and then you will make more money than me."
"Well if I was rich enough to afford an accountant, I could be as poor as you too!"
"Done! After you train me to do your job, I'll let you do my job."
Never said anything. I was waaaaaaaayyyy to polite and respectful back in those days. In hindsight, I think I was supposed to pretend I didn't hear a thing he said and then ask for a pay rise.
Poor ol' Ben can't increase his mortgage: "Have mercy judge - Now I am an orphan!"
@ebworthen
+1
This is total bullshit. That cocksucker could get Chase to refinance his mortgage at a NEGATIVE interest rate with a phone call. This is another psy op to see if the sheeple will support loosened lending standards. I'd like to think those who want to buy are smart enough to wait out Housing Bubble 2.0. I rarely celebrate .gov legislation but Dodd Frank is keeping this Bubble from blowing as big as it could. No liar loans or greater fools in sight fir tge specuvestors means reality his RE hard in 2015.
Nihilist ZERO nails it. We need to help homemoaners b/c banks aren't lending... Bailout in 3, 2, 1...
Republicans are useful idiots in this case. No way that wouldpass a GOP Congress.
I'm just wondering when the ~bald klepto bankers~ are going to claim discrimination?
I wouldn't sell one of those parasites an outhouse in a drug testing clinic....
That chart reflects tremendous S&P leverage over labor, and labor is working on increasing corporate leverage with Amnesty and open borders, nothing like 6 billion scabs to crush wages.
We reserve the right to refuse service to anyone. Hmmm. I guess that sign isn't posted just in restaurants. How delicious. How hilarious.
And how absurd that someone who makes $250,000 per hour for lying to people needs a freaking mortgage! I call liar, liar, pants on fire on this creep.
You will know all the truth
when
The entire Fed and it's past Members are behind bars
When the Obola Admin is behind bars
And those behind the CFR etc are also behind bars
And then you will get a chance to get at the truth
Sooo....never?
Fuk u Ben
Honest? Ben is mainstream truth-avoider ... Look at what is kept out of sight.
http://patrick.net/forum/?p=1223928
"The Public Be Suckered"
This is what pathological liar's do. If you've even know one you know what I mean. It could be the smallest of lies, about something as trivial as what they had for breakfast, or if you were the head of the most power BANK in the world can't refinance a mortgage. Like he just rolled down to his local BofA. I can just imagine it now. "So Mr Bernanke what that you said you do for a living?" How long did you work for your former employee? " What is your current employment situation?"
38% of the population didn't understand the question.
Bernanke's right: Americans aren't able to indebt themselves sufficiently! /s
Banks want at least 2 years on the job, Benny B. has no such thing.
(plus he's self employed now...death nail as far as underwriting is concerned.)
Funny, this guy's making $250,000.00 for each speech - I don't know who would listen to this liar, let alone pay to do so - and he can't pay his mortgage in cash?
That ain't no 3x1 or 4x2 he's buying.
But yes, your comment still stands.
Tight lending - ABSOLUTE BULLSHIT. Some banks are doing 80% LTV on small apts (5+ units). Ben didnt say he he wanted a 125% LTV. :)
You know things are good.... when...
May I have some more of the boot, Mr. Orwell.
Propaganda so he appears to be more like us “common folk"…someone who “understands the issues”…what an asshole...
"Bernanke having trouble refinancing home loan -Bloomberg
Oct 2 (Reuters) - Former U.S. Federal Reserve Chairman Ben Bernanke is having a "hard time" refinancing his home loan due to the tight credit conditions in the mortgage market, Bloomberg reported on Thursday. "I recently tried to refinance my mortgage and I was unsuccessful in doing so," Bernanke said, speaking at a conference in Chicago, according to Bloomberg. The Mortgage Bankers Association's said on Wednesday its seasonally adjusted index of refinancing applications fell 0.3 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, were unchanged. ID:nN9N0NL00D Bernanke also said the market for first-time home buyers was "not what it should be," Bloomberg reported. "The housing area is one area where regulation has not yet got it right," Bernanke said, according to the report. Bernanke was not immediately available for comment. (Reporting by Narottam Medhora in Bangalore. Editing by Andre Grenon) ((narottam.medhora@thomsonreuters.com; Within U.S. 1-646-223-8780, Outside U.S. +91 8067496409 ; Reuters Messaging: narottam.medhora.thomsonreuters.com@reuters.net)) Keywords: USA MORTGAGES/BERNANKE"
So the rest of the 99.9999999999999999999999999999999999999999999999999999999% of the population have not a chance if he is one of the
00.0000000000000000000000000000000000000000000000000000001%
He was denied when he refused to answer who signs his paycheck.
He wantd a "special" rate and they refused him.
"Dammitt! Do you know who I am?!!"
p.s. Q: If he has the money in his back pocket, why would he want to borrow? A: Because the debt will be inflated away.
++++++++++++ infinity
Hey! When you pay $250k for dinner, you expect the comedian to give a top-notch show.
And he will continue to be payed handsomely by american taxpayers until he dies.
Hey Bennie, GS or JPM will give you a no-document negative-interest-rate 100-year loan with a $10 billion cash out. Just ask them.
maybe the finance company is looking at the size of the Fed balance sheet, and the liabilities Ben refers to as "deferred assets"
So he is not part of the 0.1%? How does it feel bitch?
Note to Ben:
Next time, don't list counterfeiter on the line that says occupation.
And Bill and Hillary were broke when they left the WH ... Lying seems to a favored pastime among the rich and famous